SGX-listed Vard wins large equipment contract

SINGAPORE - Vard Holdings, a major offshore and specialised vessel designer and shipbuilder, has secured a large equipment contract through its specialised subsidiary Seaonics.

The contract, worth more than 100 million NOK (S$17.51 million), is for a polar research vessel under construction at a shipbuilding company in Italy, Vard said on Monday.

It is also the largest to date for Norway-based Seaonics, designs and manufactures offshore handling equipment to improve all critical lift and handling operations, said the mainboard-listed parent firm.

Seaonics' products are used in subsea construction, module handling, well intervention, reservoir exploration, ocean trawling and other specialized applications in the offshore and marine industries.

"Since its establishment in 2011, Seaonics has continuously expanded its product range, and is today uniquely positioned to deliver a complete package of offshore handling equipment," said managing director Stig Espeseth.

"We are very pleased that with this contract, we are able to capitalise both on our extensive investments in product development, as well as on the good relations established with other parts of the Fincantieri Group."